Netflix price target lowered to $1,400 from $1,500 at Piper Sandler

Piper Sandler analyst Thomas Champion lowered the firm’s price target on Netflix (NFLX) to $1,400 from $1,500 and keeps an Overweight rating on the shares. The company reported “mixed” Q3 results with sales in-line but operating income light driven by a tax dispute in Brazil, the analyst tells investors in a research note. Piper says that absent the $619M tax accrual, Netflix’s operating margin would have exceeded its forecast by 200 basis points. But expectations were high into the quarter so the stock will be weak, the firm contends. Piper thinks Netflix remains one of the best positioned name in consumer internet.